Business EconomyPosted at: Jun 3 2026 8:14PM


TCS to modernise Sweden’s Central Securities Depository

Mumbai, Jun 3 (UNI) Tata Consultancy Services (TCS) officially announced here on Wednesday its long-standing partnership with Euroclear Group has been expanded, in order to drive the modernisation of Sweden’s Central Securities Depository (CSD).
As part of this initiative, Euroclear Sweden will deploy TCS BaNCSTM for Market Infrastructure and QuartzTM, which is TCS’ advanced digital solutions, to build a resilient, future-ready, and scalable CSD platform aligned to evolving European market standards, according to the TCS statement.
Euroclear is a financial market infrastructure group which acts as a central securities depository (CSD), much like the Central Depository Services Limited (CDSL), which is India's largest central securities depository for active demat accounts.
TCS BaNCS for Market Infrastructure will enable Euroclear to meet the evolving needs of financial market infrastructure institutions, supporting end-to-end operations across asset classes, including core registry, depository services, cross-border settlement, and asset servicing.
Complementing this, TCS’ Quartz will leverage distributed ledger technology and artificial intelligence to support tokenisd assets, decentralised settlements, and real-time, actionable insights, according to the statement.
According to the statement, TCS BaNCS for Market Infrastructure offers a sophisticated double-entry system with support for both omnibus and end-investor accounting, as well as multiple settlement models, including a unique settlement optimisation capability which helps manage liquidity across both securities and cash.
The solution provides compliance with European and global standards such as the Securities Market Practice Group (SMPG), Joint Working Group on Corporate Actions (CAJWG), Central Securities Depositories Regulation (CSDR), and others, the statement mentioned.
Additionally, Quartz’s co-existence approach for supporting both ISO 15022 and ISO 20022 standards enables a seamless and efficient transition to ISO 20022.
According to the statement, these solutions will help Euroclear to implement its Nordic transformation strategy, aimed at driving standardisation and growth through the deployment of a modern, cloud-ready and scalable CSD platform across Sweden and Finland.
The unified platform will enable continued compliance with European standards.
The implementation of a unified platform will be achieved through a phased infotech transition, including the migration of the Swedish market to the European Central Bank’s TARGET2-Securities (T2S) platform for secure and efficient pan-European settlement, the statement mentioned.
Commenting on the development, Euroclear's CEO for Sweden & Finland Hanna Vainio said, “Having established one of Europe’s most advanced CSD infrastructures in Finland, we are pleased to extend our decade-long partnership with TCS to Sweden. This collaboration is a pillar of our 'One Nordic' vision, allowing us to harmonise business and infotech practices onto a single, resilient platform. By integrating our regional operations, we are not only enhancing efficiency for our clients, but also reinforcing our position as the preferred Nordic CSD, dedicated to the long-term prosperity of the Nordic financial ecosystem”.
TCS President for BFSI Products & Platforms R Vivekanand said, “We are pleased to expand our relationship with the Euroclear Group through this strategic multi-country harmonization initiative. Building on our joint success in Finland, we look forward to working with Euroclear to bring high levels of sophistication in functionality, standards compliance and technology to the Nordics market leveraging TCS BaNCS and Quartz, our market-leading products for financial market infrastructures. We are deeply committed to ensuring the platform is future-proof, resilient, scalable, while leading the way for transformation in European markets.”
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